Housing Preservation

Castle Square Revitalization, Boston MA

Castle Square Tenants Organization, Inc. / WinnDevelopment

Castle Square Tenants Organization (CSTO) and WinnDevelopment formed a joint venture to preserve Castle Square, a 500-unit property that has been a critical affordable housing resource in Boston’s South End for 40 years. Klein Hornig represented CTSO in its initial negotiations with Winn to form the joint venture and then represented the partnership in its $110,000,000 financing, which involved both tax-exempt and taxable bonds, Low-Income Housing Tax Credits, and energy conservation grants/loans from HUD and the Massachusetts Department of Energy Resources.

Temple Landing, New Bedford MA

Preservation of Affordable Housing, Inc.

Temple Landing, formerly known as United Front Homes, is a 200-unit project in New Bedford, MA purchased and redeveloped by Preservation of Affordable Housing, Inc. (POAH). Klein Hornig assisted POAH to carry out a redevelopment program of selective demolition, new streets and infrastructure, rehabilitation and new construction. The project financing combined Low-Income Housing Tax Credits, private construction-period loans, an FHA risk-sharing permanent loan, Section 1602 tax credit exchange stimulus funds, and a loan supported through a Section 236 IRP "decoupling" subsidy.

Overlook at Oxon Run, Washington DC

Community Preservation and Development Corporation

The former Parkside Terrace was a blighted property in Washington, DC, whose troubled past had left a vacant, dangerous eyesore in the neighborhood. Klein Hornig helped Community Preservation and Development Corporation (CPDC) acquire and rehabilitate the 316-unit property, negotiating a purchase and sale agreement and forming a joint venture with the seller to restructure and assume existing debt. Working with our client, we drafted and secured local legislation for tax relief and closed on $75 million of long-term financing, combining tax-exempt bonds, LIHTC equity, and Section 8 voucher assistance.

Salem Towers, Malden MA

New England Communities, Inc.

Salem Towers is a former HUD 202 senior housing project that was redeveloped by a joint venture between New England Communities, Inc. (NECI) and Beth Israel Senior Citizens Housing, Inc. (BISCHI), the original owner, using tax-exempt bonds, LIHTC equity, Section 8 assistance, and additional state and local resources. The 80-unit project was one of the first nationally to convert enhanced vouchers to project based vouchers, and was awarded the 2012 Tax Credit Excellence Award by the Affordable Housing Tax Credit Coalition. Klein Hornig played a lead role in forming the joint venture and obtained critical HUD waivers and approvals for the conversion.

Garfield Hills, Washington DC

Preservation of Affordable Housing, Inc.

This 94-unit Washington, DC property had just completed a mark-to-market restructuring when it was acquired by Preservation of Affordable Housing, Inc. (POAH). To resolve the debt, Klein Hornig attorneys secured approval from HUD to assign it to a POAH affiliate as a qualified nonprofit purchaser. The project was financed with a bridge loan, including prepayment of the original Section 221(d)(4) loan and assignment of the HAP Contract. Post-acquisition, we helped POAH secure construction financing using tax-exempt bonds and LIHTC syndication.

Bishop Allen Apartments, Cambridge MA

Just-A-Start Corporation

Bishop Allen Apartments in Cambridge, MA, is a 32-unit former HUD 236 expiring use project that was acquired by a subsidiary of Just-A-Start Corporation (JAS), a 41-year-old community development corporation based in Cambridge. JAS worked with the Cambridge Housing Authority (a "moving-to-work" authority) to convert the project’s enhanced vouchers to a commitment for 32 project-based vouchers, a key component for financing the preservation transaction. Klein Hornig attorneys assisted in all aspects of the acquisition and financing.